Germany's Wealth Grab

The impulse to soak the rich isn't exclusively French.

Updated Aug. 13, 2012 7:37 p.m. ET

François Hollande has earned his reputation as archenemy of Europe's wealthy, but don't imagine that the impulse to soak the rich is exclusively Gallic. Lawmakers in Germany's opposition parties are calling for a 1% tax on wealth and assets exceeding €2 million. The Social Democrat-Green proposal would add €11.5 billion to coffers annually, according to calculations by the influential German Institute for Economic Research, or DIW.

If you think that's onerous, consider that last month the same think-tank published a...